:News Corp said on Thursday that it would cut 5 per cent of its workforce, or 1,250 jobs, after the media conglomerate fell short of quarterly Wall Street estimates, hurt by declines across its businesses including news.
Rising inflation and higher interest rates are forcing companies to curb spending on advertising and marketing, denting one of the major sources of revenue for companies such as News Corp, which has publishing platforms including the Wall Street Journal. To combat the slowdown, Thomson said there were a number of initiatives underway, including the job cuts. The layoffs will be made across all businesses and result in savings of at least $130 million on an annualized basis.
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